BUSINESS LIVE: UK GDP stagnated in April; DFS issues profit warning; Legal & General presents new strategy

Nicholas Hyett, investment manager at Wealth Club, comments on the latest UK GDP figures:

The market had low expectations for the UK economy in April, and it duly delivered.

Economic growth remained flat, slowed by a third consecutive month of contraction in the construction industry and weakness in the manufacturing sector. It is true that the rains, which represented 155% of the long-term average, do not help to improve the figures.

This will come as no surprise to anyone who experienced the wet and gloomy start to 2024, but it has still severely affected production in housebuilding and associated industries. After strong growth in March, this is a return to an unconvincing trend.

In an election month, where every data release will be closely watched, there is little here that can change the narrative.